Invitation to the 8th ACATIS Value Conference How to Use Value Investors' Treasure Map to Efficiently Handle Market Fluctuations and Lateral Movements

06 May 2011 Campus Westend Casino-Building, Ballroom1 Grüneburgplatz 1 60323 Frankfurt am Main

Organizer:

ACATIS Investment GmbH mainBuilding Taunusanlage 18 60325 Frankfurt Tel. +49-69-97 58 37 77 Fax. +49-69-97 58 37 99 Email: anfragen@acatis.de www.acatis.de

9.30-10.00 a.m.

Registration & coffee buffet

All speeches in German will be simultaneously interpreted into English. Please provide yourself with headphones, if required.

Block 1 – Morning programme

10.00-10.15 a.m. (s.t.)

Wilhelm Kötting Introduction and moderation

Wilhelm Kötting was for many years the editor-in-chief of Bloomberg German Television. After studying Political Science, Law and Sociology he worked for various newspapers and radio stations. He was foreign corres-pondent in the USA, Hong Kong and Great Britain, among other places. Since 2009 he works as a freelance journalist and a media and strategy consultant.

Wilhelm Kötting will guide us through the day as moderator, and will chair the round of questions and discussions after each paper. In German and English.

10.15-11.15 a.m.

Dr. Hendrik Leber ACATIS Investment, Frankfurt

Introduction into the topic

Hendrik Leber studied Business Administration in Saarbrücken(Germany), St. Gallen (Switzer-land), Syracuse (New York) and Berkeley (California). He obtained an MBA in Finance and Accounting from Syracuse University and com-pleted his studies at the University of St. Gallen to obtain the doctora-te (Dr. oec.) with a thesis on bank-ing management. Dr. Hendrik Leber worked for the management con-sultancy McKinsey from 1984 to 1989 and for Bankhaus Metzler from 1989 to 1994 before founding ACATIS Investment GmbH.

Today's capital markets have no uniform appearance. Equity, bond and real estate markets may be further subdivided into categories the evaluation of which is com-pletely different. Two questions are of particular interest : • Orientation: Where are the

"treasures" hidden? How do I find valuable sectors on my treasure map?

• Keeping on course: Where are the risks? How do I handle over time major fluctuations and deceptive signals?

Speech in German. Discussion in German and English.

Value Konferenz

11.15 a.m.-12.15 p.m.

Jens Kummer SEB Asset Management, Frankfurt

Reaching the Goal with Signals and Map

Jens Kummer works as a fund ma-nager in the multi-asset team of SEB Asset Management in Frank-furt. After having completed an apprenticeship as a bank employ-ee and studied Business Adminis-tration thereafter, Jens Kummer started his career in 1996. He worked for Julius Bär, DWS and cominvest before joining SEB in 2007. Jens Kummer is a Chartered Financial Analyst (CFA) and a Certified Credit Analyst (CCrA).

In order to find the best time to leave risky asset classes or to invest into them, Jens Kummer's manage-ment of multi-asset portfolios implies to measure absolute and relative pri-ce changes as well as the correlation of more than 100 different asset classes. This barometer helps to set up a meaningful early warning and risk system which uses the three col-ors of traffic light signals: Asset clas-ses which should be avoided are highlighted in red, asset classes rec-ommended for investment appear in green while asset classes shown in yellow are on watch. Speech in German. Discussion in German and English.

12.15-14.00 p.m.

Lunch

Block II – Afternoon programme Part 1

14.00-15.00 p.m.

Jutta Kleinschmidt A random walk from Paris to Dakar

Jutta Kleinschmidt was the first and so far only woman to win the Paris-Dakar Rally, the world's hard-est and most difficult rally. She holds a degree in physics and worked in automotive development before starting her racing career. Jutta Klein-schmidt has a passion for extremes: Since 2004 she holds a helicopter pilot license, crossed the Alps on a road bike in 2003 and participated in the 2004 "Race across America" bike marathon. For Jutta Klein-schmidt, challenges are "the cream in the coffee".

How does a rally driver find the right way through unknown territory? How does she overcome track un-evenness? The challenges a rally driv-er faces are similar to those an in-vestment manager has to overcome: Heading towards a clear goal with-out exactly knowing its position and the direction and way to follow. But only those who know the way can arrive. Only those who arrive quickly and without detours can win. Speech in German. Discussion in German and English.

Value Konferenz

15.00-16.00 p.m.

Jens Hansen ValueInvest Asset Management S.A., Strassen, Luxembourg

Value investing in „patchwork“ markets

Jens Hansen, Head of Investment and Managing Director of ValueIn-vest Asset Management was born in Denmark in 1964. Jens started his career with Spar Nord Bank in 1982 where he worked as an ana-lyst and trader of bonds, equities and derivatives. In 1994 he joined Nykredit Bank where he worked as a bond trader before moving to ValueInvest Asset Management in 2001 where he became head of investments in 2005. He manages a number of value funds.

Jens Hansen and his team believe in the benefits of a disciplined invest-ment process focussing on company fundamentals. Stability of earnings and low debt compared to earnings volatility are at the centre of the de-cision making process. Financial com-panies have been avoided for many years. Speech and Discussion in English.

16.00-16.30 p.m.

Coffee break

Block III – Afternoon programme Part 2

16.30-17.30 p.m.

Prof. Dr. Ernst Peter Fischer University Konstanz, Konstanz

Control and Damping - About the Interplay of Science and Economy

Ernst Peter Fischer is a graduate physicist, holding a doctorate in biology and being a qualified sci-ence historian. He is an extracurri-cular professor at the University of Constance, working also as an independent lecturer and consul-tant, among others for "Forum für Verantwortung", a German foun-dation that wants to discuss cur-rent and future problems of so-ciety in a responsible way. He is the author of numerous books and audio books and has received many awards, lately the 2004 Me-dal for Natural Science Journalism from the German Physical Society and the 2004 Sartorius Prize from the Göttingen Academy of Sci-ences.

"Knowledge is power" was the max-im that 400 years ago paved Euro-pe's special way through science and economy to prosperity. Quick pro-gress was made with the invention of the steam engine which not only led to the Industrial Revolution and but also helped Thermodynamics to become a new science. Its technical terms brought about a concept which is nowadays dear and valuable to us: information. It made it possible to install control circuits in machines not designed for progress but for control and damping. Does informa-tion still fulfill this task or does it es-cape from our control, taking away our power that is inherent in know-ledge and provides security? Speech in German. Discussion in German and English.

Value Konferenz

Vitaliy N. Katsenelson Investment Management Associates, Denver, Colorado, USA

Investing in Sideways Markets

Vitaliy N. Katsenelson, is Chief In-vestment Officer at Investment Ma-nagement Associates. He the author of The Little Book of Sideways Mar-kets (Wiley, 2010) and Active Value Investing (Wiley, 2007). While his primary focus is on discovering un-dervalued companies for his clients, he is also known for his uncommon common sense, which is regularly expressed in articles in the Financial Times, Barron’s, Bloomberg Busi-nessWeek, the Christian Science Monitor, Institutional Investor, and the New York Post, among other outlets. Previously, he was also an adjunct faculty member at the Uni-versity of Colorado Graduate School of Business where he taught Practical Equity Analysis class. He is a CFA charter holder, member of CFA In-stitute, and has served on the board of the CFA Society of Colorado. Katsenelson received his master of science in finance from the Universi-ty of Colorado at Denver.

With the stock market turning into a roller-coaster ride of all-time highs and stomach-churning lows, where does that leave your portfolio? Pretty much back where you started in 2000. Which may be fine for visitors to Six Flags, but for your retirement, savings, and investments, you´d like to actually get somewhere. In his presentation value investor and au-thor Vitaliy Katsenelson shows you how to survive a stagnant market that´s neither bull nor bear but instead what he calls a cowardly lion - it displays occasional bursts of bravado but is ultimately overcome by fear. He decodes the theories and cuts to the chase with practical and timely strategies for how you can survive and thrive during a sideways market – a state of affairs, by the way, we should expect for the next decade. Speech and Discussion in English.

18.30-18.45 p.m.

Summing up of the day´s insights by Dr. Hendrik Leber, ACATIS

17.30-18.30 p.m.

Value Konferenz

18.45-19.15 p.m.

Dr. Claudia Giani-Leber Arte Giani, Frankfurt

Guided Tour

Claudia Giani-Leber studied Art History at the University of Basle (Switzerland) where she also wro-te her doctoral thesis on the Swiss painter Heinrich Pellegrini. In her essay "Kunst als Wertanlage" (Art Investment), she describes the tangible and intangible profits ari-sing out of art investment. Since 1994 she has been running her own gallery Arte Giani in Frank-furt. In alternating exhibitions she shows paintings, drawings, photo-graphy and sculpture by mainly younger contemporary artists.

This year, too, Claudia Giani-Leber will provide you with a guided tour through the historic site of Johann Wolfgang Goethe University which was built in 1931 as the corporate headquarters of the I.G. Farbenin-dustrie AG and survived World War II undamaged. The focus of this guid-ed tour will be the Norbert Woll-heim Memorial: A pavilion on the campus reminds of Buna and Au-schwitz concentration camps' pris-oners who had to perform forced labor for IG Farben. Guided Tour in German.

19.15-23.00 p.m.

Cocktail & Dinner at the restaurant "Sturm & Drang" on Campus Westend

Value Konferenz

How to find your way to the ACATIS Value Conference on 06 May 2011 Campus Westend, Casino-Building, Ballroom 1, Frankfurt Conference address Campus Westend Casino-Gebäude, Festsaal 1 Grüneburgplatz 1 D - 60323 Frankfurt If you have any questions or need information call us on +49-69-97 58 37-77 or fax us at +49-69-97 58 37-99. On the day of the conference you can reach us on mobile phone no: 0162 – 25 18 58 3 We wish you a pleasant trip. Parking: The nearest multi-storey car park is at the „Palmengarten“ Siesmayerstr. 63 and is open to the public. Distance: 5-10 minutes on foot. By public transport From Frankfurt Hauptbahnhof (Main Station) At Hauptbahnhof, take city railway (S-Bahn) line 1 / 2 / 3 / 4 / 5 / 6 / 8 / 9 to "Hauptwache" station, there change to subway (U-Bahn) line 1 / 2 / 3 to "Holzhausenstraße" station. Follow direction to "Bremer Straße", walking about 10 minutes. From the airport by S-Bahn You can take the city railway (S-Bahn) line 8 / 9 from the underground station at the airport to „Hauptwache“ station, there change to subway (U-Bahn) line 1 / 2 / 3 to "Holzhausenstraße" station. Follow direction to "Bremer Straße", walking about 10 minutes. By Taxi Taxis may enter the Campus area and stop in front of the Casino. To order a taxi, call number: +49-69-23 00-01 oder +49-69-23 00-33 Information on the Event Venue For directions to the Campus, please refer to the website of Johann Wolfgang Goethe University under: http://www.uni-frankfurt.de/english/about/directions/index.html

Target group Institutional investors (insurance companies, welfare funds, pension funds, funds of funds, family offices, asset managers, banks, savings banks)

Attendance fee 500 Euro (no charge for investors of the speakers and organizer) Registration by fax or e-mail to Ms Vera Fülöp: fueloep@acatis.de